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Xavier Rolet must take stock

Patrick Hosking: On the money

February 14 2009, 12:00am, The Times

They don’t give up, these French. Jean-François Th?odore, the Euronext chief executive, came closer than anyone to merging with the London Stock Exchange in 2005, during the extended period of bid talks and hostile offers for the Exchange.

Now his compatriot Xavier Rolet has emerged to run the LSE as its chief executive. Mr Rolet is one of that breed of investment bankers who do not acknowledge national frontiers. A polyglot, he has lived in London most of his working life and is a close associate of the LSE. But it is a striking coincidence.

Mr Rolet accepts that any list of the challenges facing his next employer is a long one. Chief among them, and the main factor, excepting the lack of any bid…